From Revaluation To Devaluation

Following the decision by Honduras's central bank to revalue the lempira in late July, we expect the authorities to continue moderately devaluing the currency in the coming months, in order to boost export competitiveness and support a still-weak economic recovery. Therefore we are revising both our end-2011 and end-2012 exchange rate forecast to HNL19.05/US$, from HNL18.90/US$ previously.

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